The following probability distribution table represents the
daily demand for “Trendy Shirts” in the ABC stores Achrafieh during
the festive season. Using the Monte-Carlo method and the set of
random numbers to answer the question below:
Demand
Probability
Cumulative Probability
Range of Random Variables
0
0.15
1
0.20
2
0.35
3
0.25
4
0.05
Selected Random Numbers: 52, 65, 37, 12, 3, 86, 90, 97, 42,
71
1. Fill in the cumulative probability
values in the table
above?
(1 pt)
2. Fill in the ranges of random numbers
in the
table?
(1 pt)
3. Calculate the expected average demand
of this
business.
(2 pts)
4. Calculate the simulated average.
(2
pts)
5. Calculate the resulting
error.